British manufacturing sector shrinks due to Red Sea military operations
LONDON, May 02 (YPA) – Britain has revealed the mounting losses to its economy as a result of Yemeni forces operations preventing ships linked to Israel or heading to its ports from passing through the Red Sea, the Arabian Sea, and the Indian Ocean.
The British newspaper “The Independent” said, “The manufacturing sector in Britain is shrinking and declining as a result of companies being affected by the interruption of shipments through the Red Sea.”
“The manufacturing sector in Britain suffered a new decline last April,” the newspaper added, confirming the contraction in production and orders as a result of the continued impact of the interruption of shipments in the Red Sea on companies.
The newspaper quoted the director of ‘Standard & Poor’s Global Intelligence’, saying that “the ongoing turmoil of the Red Sea crisis is contributing to a decline in new work flows from local and foreign clients.”
He pointed out that there was a decrease in production volumes during this period, as production was reduced in both the intermediate and investment goods industries in Britain.
YPA